March 3 – March 8 2019
How did we do this week?
AUDNZD – The four hour chart comes into play and remember we were looking for a move down. A momentum thrust down on the four hour chart plus a lazy pullback is our entry. We are using a pullback on a lower time frame to get involved in a breakout on the daily chart. THAT is how to use multiple time frames. 40 pips up for grabs and trade could continue
CHFJPY – There was a breakout on the setup chart and we were looking for a pullback to get into the trade. This is an excellent example of a breakout failure. Momentum came into the market opposite to the breakout.
EURGBP – Price ranged
EURJPY – We considered a mean reversion trade as shown on the setup chart and that is what we got. Reason we considered mean reversion was due to a potential bear flag on the weekly chart. Price broke down from highs with momentum, lazy pullback (4 hour chart), short. 240 pips
GBPAUD – Price ranged and broke down from the range. We could not find an entry to get into the down move.
GBPCHF – Was liking the pullback until the close of Mar 4 where price closed off the high of the day and this pullback failed into a four day trading range.
GBPNZD – The setup chart was bang on wtih looking for a short from this area. Also consider the breakout failure as priced failed to hold above high of Jan 25. Short the four hour pullback for 300 potential pips.
USDJPY – Price ranged at highs ending the pullback approach to this setup.
Crazy week and as mentioned, we had GBP crosses setting up so exposure needed to be controlled. Great week as the potential pips were 823.
Nothing in the approach has changed and long time readers have seen the same things play out here for years.
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